- Oil continues to rally, with prices now at the highest level since April
- WTI prices are now up nearly $3 over the last two days
- Geopolitical risk premium has been supporting oil markets, with tensions continuing to escalate between Israel and Hezbollah after a recent attack on Israeli troops
- Saudi Arabia leads drop in seaborne oil flows (BBG)
- According to ship tracking data, global seaborne crude flows fell by about 1.08 MMBbl/d in June, the biggest month-over-month decline this year
- About half of the decline was driven by a reduction in exports from Saudi Arabia, potentially due to the country’s power sector
- Saudi Arabia’s exports often fall in the summer when air conditioning demand rises, as the country keeps more oil at home to fuel its oil-fired power plants
- There were also noticeable declines in exports from Iran, Iraq, West Africa, the US Gulf Coast, and the North Sea
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